According to trade data from Fibre2Fashion's market insight tool TexPro, the shipment trend has been upward since 2020. Exports surged from $103.879 million in January-May 2020 to $148.290 million in January-May 2021, an increase of 42.75 per cent. In the same period in 2022, it further escalated to $230.035 million, marking a 55.12 per cent increase.
During 2022, Bangladesh had exported apparel worth $43.475 billion, out of which it’s shipment to India valued at $710.876 million which was 1.64 per cent of the total. India was ranked at 15th in terms of largest garment markets for the neighbouring country, as per TexPro.
Both major garments exporting nations are dealing with reduced demand due to economic instability and high inflation rates in developed countries. The Indian textile sector is no exception to these global trends. The rise in garment supplies from Bangladesh is exacerbating issues for India's textile sector, as industry stakeholders report slower demand for yarn and fabric, partly because of the influx of readymade garments from neighbouring countries, particularly Bangladesh.
ALCHEMPro News Desk (KUL)
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